Four-bedroom unit at Pullman Residences Newton fetches record high of $3,515 psf

Pullman Residences Newton has seen record prices recently with a 667 sq ft, four-bedroom unit being sold for $2.35 million ($3,515 psf) on April 13. This was a new psf-high for the project, which was only recorded ten days earlier with a one-bedroom unit also sold at Pullman Residences which had a psf-price of $3,496.

The 667 sq ft, four-bedroom unit, located on the 30th floor, forms part of the freehold development located along Dunearn Road in District 11. It was launched over the November 9 and 10 weekend in 2019 and saw 12 units sold over the two days – it is now 78.5% sold as of end-March 2023, with the highest unit for sale at $4.25 million ($3,083 psf).

Tengah Plantation Loop EC GLS Tender is a land tender from the Singapore Land Authority for a new executive condominium (EC) development in Tengah Plantation. GLS was Tengah EC opened to developers with experience in real estate and a minimum of $20 million paid up capital. The successful bidder will develop the new EC, which has eco-friendly features and is one of the first of its kind in Singapore.

The most expensive transaction during the same week was the resale of a 2,411 sq ft, unit on the second floor of The Ladyhill. It was sold for $7.28 million ($3,019 psf) on April 13 and its record psf-price was previously set back in 2010 with a 2,325 sq ft unit. The Ladyhill is a freehold condominium comprising of 55 units, located Lady Hill Road in prime District 10. When first launched in 2000, the prices of units ranged from $1,139 to $1,781 psf.

The lowest psf-price transaction during this week occurred with a 1,970 sq ft four-bedroom unit on the fifth floor of The Lilium. It was sold for $3.33 million ($1,693 psf) on April 13, setting a new all-time low for the development. The Lilium is developed by Singhaiyi Group and is located along How Sun Road in District 19. It has a total of 80 units, with 87.5% sold as of March 2023.

In comparison to its surrounding projects, Pullman Residences has an average price of $3,246 psf in April 2023, while Kopar Newton and The Atelier saw average prices of $2,814 psf and $2,593 psf respectively. The Ladyhill has an average price of $2,525 psf as of end-March 2023, with Sage and Nassim 9 having an average price of $3,320 psf and $3,296 psf respectively. Bayou Residence and Kensington Square had average prices of $1,323 psf and $1,487 psf respectively.

The psf-price highs and lows gained in the week of April 7 to 14 are a further testament to the increases in prices that have been occurring in Singapore’s residential market. Pullman Residences Newton has seen an increase from $2,834 psf at the time of launch to the current psf-price high of $3,515. That is a 24% increase in the psf-price within a period of three years. Similarly, projects such as The Ladyhill have been increasing in price since 2010. The Lilium, on the other hand, set an all-time psf-price low, where the psf-price is 28% lower than when the project launched.

Record setting psf-prices are indicative of the trend in Singapore’s residential market and Pullman Residences Newton’s recent sale at $2.35 million for a 667 sq ft unit is one such indication of the ever-increasing psf-prices in the prime residential area.